Nifty support 5175-5150, resistances 5220-5250: ICICIDirect

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ICICIDirect.com says that the Indian markets are likely to open flat to positive on the back of global and Asian cues, in its report dated March 17, 2010. It says that Nifty has supports at 5175 & 5150 and resistances at 5220 & 5250.

"The Indian market is likely to open flat to positive on the back of global and Asian cues. Shrugging off a weak spell in the early session, the Indian market bounced back sharply to end near the day's high on Tuesday, helped by strong buying in index heavyweights. Market heavyweight Reliance Industries led the gainers with a 4% gain along with metal, capital goods, auto, IT and power stocks. Public sector, FMCG and banking stocks remained a little bit subdued. The Sensex rose by 218 points or 1.27% to 17,383 while the Nifty ended up by 69 points or 1.35% at 5,198. On the BSE, the midcap index rose over a percent while the small-cap index advanced 1.28%. Gainers outpaced decliners by 1816 to 1028. The Sensex has supports at 17250 and 17060 and resistances at 17450 and 17580. The Nifty has supports at 5175 and 5150 and resistances at 5220 and 5250," says ICICIDirect.com report.

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